1. Field of the Invention
The present invention relates, in general, to the field of life insurance. In particular, the present invention is a business method and computing system for providing a death benefit to an individual having an uninsurable trait.
2. Description of the Related Art
An insurance policy is a contract between an insurer and a policy owner, typically also the insured. The insurer agrees to pay a sum of money to a beneficiary designated by the policy owner upon the occurrence of an insured event. When the insurance policy is a life insurance policy, the insured event is typically the death of the policy owner from an accident or sickness, and typically excludes suicide, fraud, war, riot, and civil commotion. In return, the policy owner agrees to pay a premium to the insurer either at regular intervals or in a lump sum.
The insurer calculates the premium by evaluating the risk of insuring the policy owner. The evaluation typically includes an investigation of the health, lifestyle, and family history of the policy owner in conjunction with mortality tables. If the evaluation indicates that the risk of insuring the policy owner is minimal, the premium will likely be affordable. If the evaluation indicates that the risk of insuring the policy owner exceeds the risk the insurer is willing to accept, the premium will likely be unaffordable for the policy owner, and, in some cases, the insurer may deny coverage. In either case, the only alternative for the policy owner is not to have a life insurance policy.
Thus, there is a demand for a method for providing a death benefit to an individual having an uninsurable trait. The presently disclosed method and system satisfies this demand.